Tether has become the latest company in the industry to join the ongoing saga surrounding FTX by freezing over 46 million USDT .
The company said it must comply with legal authorities.
- All eyes in the crypto industry have been on FTX over the past few days, ever since Binance decided to sell its entire FTT inventory following some discrepancies with Alameda Research’s balance sheet.
- The chaos in the days that followed included Binance agreeing to buy FTX and subsequently reneging on the deal.
- Several regulators and law enforcement agencies have begun examining FTX, which appears to be affecting other industry participants.
- Tether has frozen 46.3 million USDT based on Tron, owned by FTX. A company spokesperson attributed the decision to a request from law enforcement.
- This comes just a day after the stablecoin issuer said it has no exposure to FTX and Alameda.
- Separately, TRON DAO Reserve said it plans to buy 300 million USDT before raising that number to one billion. This comes just hours after the USDT price dropped to $0.97.
- Despite the price difference, Tether’s CTO ensured that the company went on to buy back for $1.
#tether processed ~700M redemptions in last 24h. No issues. We keep going.
— Paolo Ardoino 🍐 (@paoloardoino) November 10, 2022
>>> See also: FTX Boss Loses 90% Of Assets Overnight